Quarterly Bulletin
February 1995 Contents

Operation of monetary policy (69k)
Box on money-market operations since September 1992

The international environment (72k)
Box on producer and consumer prices
Note on the calculation of effective exchange rates

Financial market developments (45k)
Box on international securities transactions

The costs of inflation (59k)

Influences on broad money growth (52k)

Evolution of central banking in post-communist countries (30k)

The CREST project (36k)

The gilt-edged market: developments in 1994 (54k)
Box on the development of an open gilt repo market

Banking statistics: recent and prospective developments (23k)

Macroeconomic management and structural unemployment (39k)
The 1994 Ashridge/City University lecture given by the Governor

Credibility and monetary policy: theory and evidence (53k)
The first annual Scottish Economic Society/Royal Bank of Scotland lecture given by Mervyn King

Changes in UK gilt-edged and money markets (11k)
Extract of a speech by Ian Plenderleith to the City of London central banking conference